Russian oil companies are reportedly utilizing Bitcoin and Tether's USDT to conduct international trade with China and India, despite ongoing global sanctions. A Reuters report indicates that one oil trader in Russia carries out tens of millions of dollars in transactions monthly using digital currencies. The process involves intermediaries who manage offshore accounts for currency conversions. For instance, a Chinese buyer pays a trading firm in yuan, which is then converted to cryptocurrency and transferred to a final account in Russia where it is exchanged for rubles. A source mentioned that the use of cryptocurrencies for these trades is likely to continue regardless of sanctions, as it provides a faster and more convenient means of operation. This development follows official reports from the Russian Finance Minister signaling a shift towards crypto in foreign trade.

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